Pillsbury Winthrop Shaw Pittman LLP

Transportation Finance Digest: Volume 1

In This Issue: - Introduction - All Hat And No Chattel: Life After Cape Town - Q&A - The Future Of Eca Financing - Deal Of The Year - An Innovative Engine Re-Securitization - Pillsbury Case…more

Aircraft Sales, Aviation Contracts, Aviation Industry

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UK Amends TUPE Regulations

The Transfer of Undertakings (Protection of Employment) Regulations 2006 (“TUPE”) has been in the spotlight as part of the UK Government’s Employment Law Review. TUPE implements the EU Acquired Rights Directive (“ARD”) in the…more

Employee Rights, TUPE, UK

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Expansion of Antitrust Enforcement Continues with Extradition

On April 4, 2014, the Department of Justice’s Antitrust Division announced its first successful extradition of a foreign national to the United States on antitrust charges. Romano Pisciotti, a citizen of Italy, has been under…more

Antitrust Investigations, Cartels, DOJ, Extradition, Foreign Nationals

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Lacey Act Lessons from the Lumber Liquidators $13 Million Settlement: Has the Definition of “Due Care” Been Expanded?

On October 7, 2015, Lumber Liquidators agreed to plead guilty to five criminal charges, including one felony, stemming from the purchase and import of certain wood products through three separate Chinese suppliers. The plea…more

Civil Monetary Penalty, Compliance, Corporate Counsel, Criminal Prosecution, Due Care

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Admit It! SEC May Seek Admissions of Wrongdoing in Settlements

The U.S. Securities and Exchange Commission (“SEC”) is poised to modify its “no-admit, no-deny” policy to seek more admissions of wrongdoing from defendants as a condition of settlement in enforcement cases. The change comes on…more

Criminal Sanctions, D&O Insurance, Indemnification, SEC, Settlement

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Want an FAA Section 333 Exemption for your Close-up sUAS Operations? Come Prepared.

The Federal Aviation Administration (FAA) generally prohibits small unmanned aircraft system (sUAS) flight operations within 500 feet from all persons, vessels, vehicles, and structures. However, closer-in operations of sUAS…more

Airspace, Commercial Use, Drones, Federal Aviation Administration (FAA), Section 333 Exemption

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Transportation Finance Digest: Volume 1

In This Issue: - Introduction - All Hat And No Chattel: Life After Cape Town - Q&A - The Future Of Eca Financing - Deal Of The Year - An Innovative Engine Re-Securitization - Pillsbury Case…more

Aircraft Sales, Aviation Contracts, Aviation Industry

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“Ban the Box” Legislation Expands Across the Country

There is a growing national movement to “Ban the Box” – i.e., to prohibit questions about a job applicant’s criminal history on employment applications. Currently, “Ban the Box” laws are primarily targeted at public employers;…more

Ban the Box, Criminal Background Checks, Employee Rights, Job Applicants

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Supreme Court Reaffirms ERISA’s Preemptive Effect as It Overturns State Health Care Law

In Gobeille v. Liberty Mutual Insurance, the Supreme Court overturned a Vermont law requiring ERISA plans to disclose health payments to the state’s “All Payer Database.” The Court determined that reporting requirements are a…more

Employer Group Health Plans, ERISA, Gobeille v Liberty Mutual Insurance Com., Preemption, Reporting Requirements

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Companies Should Consider Cuban Trademark Protection – Now

In December 2014, President Obama made an unexpected announcement signaling a “new course” for Cuba after more than fifty years of comprehensive U.S. sanctions. The changes to U.S. sanctions and export policy under the Cuban…more

Cuba, EAR, Embargo, Popular, Trade Policy

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Contracting with foreign entities and electronic signature under English Law: Getting the execution right

You've managed to agree the deal; all that's left is to sign the documents. That's the easy bit, correct? So you might think, but it is important to be careful not to slip up at this final stage, particularly when contracting…more

Contract Formation, E-Signatures, Foreign Entities, Signatures

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Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel…more

CFTC, Commodities Exchange Act, Dodd-Frank, High Frequency Trading, SEC

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Countdown to Compliance: Final Text for EU General Data Protection Regulation Published

The final text of the significant new EU General Data Protection Regulation (GDPR) has now been published (4 May 2016) in the Official Journal of the European Union. This means the clock is now ticking for the sweeping new data…more

Corporate Counsel, Data Protection, EU, General Data Protection Regulation (GDPR), International Data Transfers

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FTC Expands Focus on Tracking and Use of Consumers’ Location Data

Over the past few years, the Federal Trade Commission (“FTC”) has provided guidance regarding mobile platforms and app providers’ practices of collecting data about consumers’ locations through their mobile devices, with a focus…more

FTC, Geolocation, Mobile Apps

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Montanile, Amgen, Tackett & Moen: Four Important Employee Benefits Cases to Kick Off 2016

The year 2016 has only just started, and we have already seen several important court decisions related to employee benefit plans and the Employee Retirement Income Security Act of 1974, as amended (ERISA). This Client Alert…more

Amgen, Corporate Counsel, Employee Benefits, ERISA, Medical Expenses

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American Taxpayer Relief Act of 2012

On New Year’s Day 2013, to avoid the so-called “fiscal cliff,” Congress passed the American Taxpayer Relief Act of 2012 (“2012 Act”). The 2012 Act raises taxes on some taxpayers while retaining most of the provisions enacted by…more

American Taxpayer Relief Act, Bush-Era Tax Cuts, Debt Ceiling, Estate Tax, Fiscal Cliff

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The U.S. Supreme Court Upholds EPA’s Cross-State Air Pollution Rule in EPA v. EME Homer City Generation, L.P., Paving the Way to Further Use of Cap-and-Trade Programs to Control Emissions of SO2 and NOx from Electric Power Plants.

On April 24, the Supreme Court issued a 6-2 decision in EPA v. EME Homer City Generation, L.P., No. 12-1182, 572 U. S. ____, 2014 WL 1672044 (2014), upholding EPA’s latest version of a regional cap-and-trade program under the…more

Cap-and-Trade, Carbon Emissions, Clean Air Act, EPA v EME Homer City, NAAQS

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Can IT Outsourcing Learn From Facilities Management Outsourcing?

2013 began with a flurry of articles about companies insourcing work or rethinking their sourcing strategies. The reasons for this vary by company, but often include a perception that outsourcing has not delivered the cost…more

Information Technology Outsourcing, Outsourcing, Technology

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Delaware Offers New Guidance on Enforcing Fiduciary Duties Owed to Insolvent Corporations

On May 4, 2015, Vice Chancellor Travis Laster of the Delaware Court of Chancery issued a decision in Quadrant Structured Products Co., Ltd. v. Vertin, analyzing creditors’ standing to bring derivative claims against directors…more

Board of Directors, Creditors, Derivative Suit, Directors, Fiduciary Duty

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Supreme Court Affirms FHA Disparate Impact Claims

Late last month, the Supreme Court handed down a significant decision affecting rights and obligations under the Fair Housing Act. The Court’s 5-4 decision in Texas Department of Housing and Community Affairs v. Inclusive…more

Affordable Housing, Burden of Proof, Disability Discrimination, Discrimination, Disparate Impact

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FAST Act’s Hidden Securities Law Benefits

The so-called “Fixing America’s Surface Transportation Act” or “FAST Act” was signed into law on December 4, 2015. Buried in the legislation are changes to the JOBS Act and the Securities Act of 1933 that add a statutory…more

Disclosure Requirements, Emerging Growth Companies, Fixing America’s Surface Transportation Act (FAST Act), JOBS Act, Private Placements

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FAST Act’s Hidden Securities Law Benefits

The so-called “Fixing America’s Surface Transportation Act” or “FAST Act” was signed into law on December 4, 2015. Buried in the legislation are changes to the JOBS Act and the Securities Act of 1933 that add a statutory…more

Disclosure Requirements, Emerging Growth Companies, Fixing America’s Surface Transportation Act (FAST Act), JOBS Act, Private Placements

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Cloud Computing: Not Always the Low Cost Alternative

There is no doubt cloud computing has delivered multiple benefits to the IT organization. However, without proper management and controls, these benefits could become a non-trivial expense to the organization. In a Wall Street…more

Cloud Computing, Computer Servers, Popular, Wall Street Journal

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Recent Trends in Commercial Aircraft Finance

Since the financial crisis, the aviation finance market has been through much change with the initial heavy reliance on export credit financing from US Export-Import Bank (Ex Im Bank) and the other export credit agencies (ECAs),…more

Aircraft, Bonds, Capital Markets, China, Commercial Loans

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A Double Standard in Construction Defect Coverage Cases?

The recent decision of Allied Property & Casualty Insurance Co. v. Metro North Condominium Associates highlights why only a minority of jurisdictions still hold to the fiction that construction defects cannot give rise to an…more

Commercial General Liability Policies, Construction Defects, Construction Industry, Construction Litigation, Construction Project

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Court of Appeal Holds Transfer Tax Applies to Legal Entity Changes in Ownership

In 926 North Ardmore Avenue, LLC v. County of Los Angeles, the 2nd District Court of Appeal held that Proposition 13 changes in ownership prompted by transfers of legal entity interests should also be characterized as “realty…more

Appeals, Change in Ownership, Legal Entities, Limited Liability Companies, Proposition 13

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OFAC Provides Helpful New Guidance for Cuba

The Office of Foreign Assets Control (OFAC) updated its FAQs for Cuba on April 21, 2016 with substantive guidance that addresses U-turn transactions, export policy, insurance, educational and humanitarian activities and leasing…more

Corporate Counsel, Cuba, Cuban Assets Control Regulations (CACR), Exports, Insurance Contracts

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GAO Holds That Agency Improperly Credited Offeror With Past Performance of Affiliates

In IAP World Services, Inc.; EMCOR Government Services, B-407917.2 et al. (July 10, 2013), involving a protest challenging an award by the U.S. Department of the Navy (the “Navy”) for base operating support services, the…more

Affiliates, GAO, Improper Benefit, Joint Venture, U.S. Navy

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Perspectives - Fall 2012 Volume 3, Edition 2: An Executive Compensation, Benefits & Human Resources Law Update

In this Issue: - Don’t “Moench”ion It: Supreme Court Rejects Presumption of Prudence for ESOP Fiduciaries - Avoiding Claims of Excessive Fund Fees - Risk of ERISA Class Actions Can Be Reduced by Use of Plan…more

Arbitration Agreements, Class Action, Class Action Arbitration Waivers, ERISA, ESOP

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Transportation Finance Digest: Volume 1

In This Issue: - Introduction - All Hat And No Chattel: Life After Cape Town - Q&A - The Future Of Eca Financing - Deal Of The Year - An Innovative Engine Re-Securitization - Pillsbury Case…more

Aircraft Sales, Aviation Contracts, Aviation Industry

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Transportation Finance Digest: Volume 1

In This Issue: - Introduction - All Hat And No Chattel: Life After Cape Town - Q&A - The Future Of Eca Financing - Deal Of The Year - An Innovative Engine Re-Securitization - Pillsbury Case…more

Aircraft Sales, Aviation Contracts, Aviation Industry

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Raging Bull Heiress Knocks Out MGM’s Laches Defense

In Petrella v. Metro-Goldwyn-Mayer, Inc., Supreme Court holds that laches cannot bar claims for damages for copyright infringement brought during the 3-year limitations period. On May 19, 2014, in a case concerning the…more

Affirmative Defenses, Copyright, Copyright Infringement, Laches, MGM

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FAA Proposes Rules For Commercial Small Unmanned Aircraft Systems (sUAS) Operations (14 C.F.R. Part 107); White House Issues UAS Privacy Memorandum

On February 15, 2015, the U.S. Federal Aviation Administration (FAA) proposed rules for the commercial operation of small unmanned aircraft systems (sUAS) weighing less than 55 pounds—a long-awaited step towards integrating…more

Aerospace, Aviation Industry, Drones, Federal Aviation Administration (FAA), Proposed Regulation

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Five Things You Need to Know About the Extension of the ITC/PTC

On December 18, Congress approved and President Obama signed into law the Consolidated Appropriations Act, 2016 (the Act). Among the 887-page budget bill’s myriad provisions is an extension of federal income tax credits for…more

Consolidated Appropriations Act, Investment Tax Credits, Production Tax Credit, Renewable Energy, Solar Energy

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Doing Business in the U.S.

In This Issue: - Preface - Chapter 1 Choice Of A Business Entity - Chapter 2 Introduction To Federal Securities Laws - Chapter 3 From Let’S Go Shopping To Closing: U.S. M&A Process - Chapter 4 Employment…more

Anti-Bribery, Anti-Dumping Duty, Anti-Money Laundering, Commercial Real Estate Market, Corporate Governance

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Proposed U.S. Department of Transportation Passenger Protection Rules Offer Opportunity for Travel Industry Comments

On May 21, 2014, the U.S. Department of Transportation (DOT) proposed new passenger protection rules for the airline and travel industries, which would add to DOT’s extensive “Enhancing Airline Passenger Protections” regulations…more

Airlines, Aviation Industry, Department of Transportation (DOT), Safety Precautions

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Act Now to Prevent Loss of Patent Rights in March 16th Change to “First-Inventor-to-File” System

One of the most significant changes of the 2011 Leahy-Smith America Invents Act (“AIA”) takes effect on March 16, 2013, when the U.S. transitions from a “First-to-Invent” to a “First-Inventor-to-File” patent system, effectively…more

America Invents Act, First-to-File, Patent Reform, Patents, USPTO

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President’s Cybersecurity National Action Plan Seeks to Leverage Private Sector Expertise for Federal Advancement

As stated by Wired, “It’s all the standard advice you’d give a tech novice,” aptly sums up the White House’s Cybersecurity National Action Plan (CNAP) that President Obama unveiled on February 9, 2016. Announced as part of the…more

Cyber Attacks, Cyber Crimes, Cybersecurity, Cybersecurity National Action Plan (CNAP), Federal Funding

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Treasury Imposes Toll Charge on Some Transfers of Assets by U.S. Taxpayers to Partnerships with Their Foreign Affiliates

On August 6, 2015, the Treasury and the IRS issued Notice 2015-54, which implements a Clinton-era tax provision intended to prevent U.S. taxpayers from using the partnership provisions of the Code to shift built-in gain on…more

Foreign Affiliates, IRS, Partnerships, Property Transaction Taxes, Transfer of Assets

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The Robocalls and Class Actions Continue as FCC’s Omnibus TCPA Ruling Fails to Slow Surge of Lawsuits

In the face of ongoing uncertainty regarding permissible uses of modern telephone equipment under the TCPA, lawsuits and important precedents continue to pile up. The Telephone Consumer Protection Act of 1991 (TCPA), 47…more

Auto-Dialed Calls, Class Action, Corporate Counsel, FCC, Mobile Devices

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Fourth Circuit Finds Coverage for Cyber Incident under Commercial General Liability Policy

On April 11, the United States Court of Appeals for the Fourth Circuit rendered one of the first appellate-level decisions dealing with insurance coverage for a cyber event. The Fourth Circuit confirmed that a commercial general…more

Advertising Injury, Class Action, Commercial General Liability Policies, Cyber Insurance, Data Breach

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Out with the Old, In with the New: Commercial Flexibility & Revenue Expectation in IT Outsourcing Agreements (Part 2 of 2)

Happy new year, outsourcing industry! In our last post, we posited that the new year brings an opportunity for a fresh start in structuring fundamental aspects of an outsourcing transaction. We pointed to the following…more

Contract Termination, Information Technology Outsourcing, Revenue Growth, Service Agreements, Withdrawal

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Guidance for Companies Developing and Implementing Antitrust Compliance Programs

Recent policy statements by the U.S. Department of Justice’s Antitrust Division (“DOJ”) highlight the factors companies should consider when developing and implementing antitrust compliance programs. Effective antitrust…more

Antitrust Provisions, Best Management Practices, Chief Compliance Officers, DOJ

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IRS Uses New Tactic to Expand Efforts to Combat Offshore Tax Evasion

In a search for financial records of a U.S. taxpayer who allegedly parked undeclared income offshore, the Internal Revenue Service (IRS) and the U.S. Department of Justice (DoJ) are seeking to enforce a summons against a U.S…more

Foreign Banks, IRS, Offshore Funds, Popular, Strategic Enforcement Plan

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The Challenges of the Evolving Marijuana Industry: Reconciling State Legislation with Federal Prohibition

Cultivation, production, distribution, or possession of marijuana is a federal criminal offense under the Controlled Substances Act (the CSA). Yet, despite federal prohibition, state-sanctioned marijuana industries have emerged…more

Ballot Measures, Banks, Business Taxes, Compassionate Use Act, Controlled Substances Act

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Transportation Finance Digest: Volume 1

In This Issue: - Introduction - All Hat And No Chattel: Life After Cape Town - Q&A - The Future Of Eca Financing - Deal Of The Year - An Innovative Engine Re-Securitization - Pillsbury Case…more

Aircraft Sales, Aviation Contracts, Aviation Industry

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REIT Citizenship and the Impact of Americold Realty Trust on Jurisdictional Challenges

On March 7, 2016, the Supreme Court ruled unanimously in Americold Realty Trust v. ConAgra Foods, Inc. that unincorporated entities organized as “real estate investment trusts” (REITs) under Maryland law are citizens of every…more

Americold Realty Trust v Conagra Foods, Business Entities, Diversity Jurisdiction, REIT, SCOTUS

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Dodd-Frank Protocol Carries Burdens and Benefits for Pension Plans

The Commodity Futures Trading Commission has issued new “know your customer” and external business conduct rules to give effect to certain provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act…more

CFTC, Derivatives, Dodd-Frank, Employee Benefits, ERISA

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Halliburton: Supreme Court Changes Little About Securities Fraud Class Actions

In a widely anticipated decision, the Supreme Court upheld a twenty-six-year-old precedent that plaintiffs in securities fraud class actions may satisfy the reliance element by showing that they traded on an “efficient market”…more

Basic v Levinson, Class Certification, Fraud, Fraud-on-the-Market, Halliburton

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Circuit Split in Enforceability of Arbitration Clauses in Bankruptcy Left Unresolved

In a recent summary opinion, the Supreme Court denied certiorari review of a decision, Continental Insurance Co. v. Thorpe Insulation Co. (In re Thorpe Insulation Co.), 671 F.3d 1011 (9th Cir. 2012), where the Ninth Circuit had…more

Arbitration Agreements, SCOTUS, Split of Authority

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Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel…more

CFTC, Commodities Exchange Act, Dodd-Frank, High Frequency Trading, SEC

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Ancillary Joint Ventures Involving Taxable and Tax-Exempt Health Care Entities: Addressing the Chilling Effect of IRS Inaction

Tax-exempt health care systems facing growing operating costs and falling revenues frequently explore creation of ancillary joint ventures (AJVs) as vehicles to raise capital, share risk, expand coverage, and provide care more…more

Health Care Providers, Healthcare, Hospital Mergers, Hospitals, IRS

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Appellate Division Review - Business Judgment Rule, Privilege, Child Support, Animal Rights

The more things change, the more they remain the same. As we enter a new year, New York’s Appellate Division faces the same and greater challenges: increasing caseloads, staff shortages, judicial vacancies, and legal disputes…more

Attorney-Client Privilege, Bank of America, Business Judgment Rule, Bylaws, Child Support

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FTC Guidance: Update Privacy Disclosures to Keep Pace with Advances in Online Tracking

The Federal Trade Commission recognizes that many people benefit from companies’ online tracking by getting advertising that is more targeted to their preferences. However, as the technologies and techniques used by companies…more

Advertising, Data Collection, FTC, FTC Act, Online Advertisements

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Perspectives on Insurance Recovery

Welcome to the latest edition of Pillsbury’s Perspectives on Insurance Recovery. As this 2015 edition of Perspectives demonstrates, our team is working on the most challenging issues—from cyber-insurance and complex claims…more

Bad Faith, Certificate of Insurance, Commercial Property Owners, Construction Contracts, Cyber Insurance

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Do Kanye’s Words Speak Louder than Tidal’s TOS?

A Chicago law firm has challenged Jay-Z and Kanye West, filing a class action complaint for violations of the California Business & Professions Code, fraudulent inducement and unjust enrichment in the Northern District of…more

Corporate Counsel, Fraudulent Inducement, Jay Z, Kanye West, Music Streaming

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Court of Appeal Holds Transfer Tax Applies to Legal Entity Changes in Ownership

In 926 North Ardmore Avenue, LLC v. County of Los Angeles, the 2nd District Court of Appeal held that Proposition 13 changes in ownership prompted by transfers of legal entity interests should also be characterized as “realty…more

Appeals, Change in Ownership, Legal Entities, Limited Liability Companies, Proposition 13

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The “Panama Papers” and the Secret World of Shell Corporations - Reducing Liability Exposure and Seeking Insurance Coverage

A leak of 11.5 million documents from a law firm in Panama may implicate politicians, criminals, and celebrities in sheltering of fortunes in offshore tax havens through the use of shell companies. Called the “Panama Papers,”…more

Corruption, Criminal Investigations, DOJ, FCPA, Indemnity Insurance

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“Reverse CEQA” Reversed: California Supreme Court Rejects CEQA Analysis of Impacts of the Environment on the Project

In California Building Industry Association v. Bay Area Air Quality Management District (December 17, 2015) (Case No. S213478) (CBIA v. BAAQMD), the California Supreme Court rejected a requirement for so-called “reverse CEQA”…more

Bay Area Air Quality Management District, CA Supreme Court, California Building Industry Association (CBIA), CEQA, Contamination

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As the New gTLDs Near Launch, What's Happening and How Can You Protect Yourself?

While much of the world is finally getting a handle on the .com, .net and .org domains, we are on the brink of an explosion of hundreds of new generic top- level domains (“gTLDs”). In fact, if things go as planned, we will soon…more

gTLD, Internet, Trademarks, Websites

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FCC Issues NPRM to Remove Correspondence From Public File

On a day when a major broadcast ownership decision from the U.S. Court of Appeals for the Third Circuit garnered most of the attention, the FCC worked on more prosaic matters, issuing a Notice of Proposed Rulemaking to eliminate…more

Broadcasting, Data Retention, FCC, NPRM

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The UK Appoints New Anti-Corruption Unit: A Look at the Global Ramifications

Given London’s role in international business and finance, the UK Bribery Act 2010 promised to form a potential strong counterpart to the U.S. Foreign Corrupt Practices Act (FCPA). Now, the UK government is taking steps which…more

Anti-Corruption, Enforcement Actions, FCPA, International Corruption Unit (ICU), SFO

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U.S. Repeals Longstanding Ban on Export of Crude Oil

Effective immediately and subject to limited restrictions, U.S. producers may begin exporting crude oil to overseas customers. On December 18, 2015, the President signed into law the massive Consolidated Appropriations Act…more

Consolidated Appropriations Act, Crude Oil, Exports, Natural Gas, Oil & Gas

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Arbitration Provisions Mauled by Consumer Watchdog

Companies offering payment services or financial products to consumers are facing a proposed rule from the CFPB that would prohibit class action waivers in binding pre-dispute arbitration agreements. Although the information…more

Arbitration Agreements, CFPB, Class Action Arbitration Waivers, Comment Period, Consumer Financial Products

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“Reverse CEQA” Reversed: California Supreme Court Rejects CEQA Analysis of Impacts of the Environment on the Project

In California Building Industry Association v. Bay Area Air Quality Management District (December 17, 2015) (Case No. S213478) (CBIA v. BAAQMD), the California Supreme Court rejected a requirement for so-called “reverse CEQA”…more

Bay Area Air Quality Management District, CA Supreme Court, California Building Industry Association (CBIA), CEQA, Contamination

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Extort Me Not: Supreme Court Expands Protections for Permit Applicants Under the Takings Clause

The high court’s decision in Koontz v. St. John’s River Water Management District extends the landmark decisions in Nollan and Dolan, which set standards on when an agency can condition a land use permit on the relinquishment of…more

Dolan v City of Tigard, Fifth Amendment, Koontz v St John's River Water Management, Land Developers, Nexus

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New York State Department of Taxation and Finance To Disregard Single-Member LLC Interests for New York Estate Tax

In a recent New York State Advisory Opinion, the New York State Department of Taxation and Finance advised that a federal income tax entity classification election could impact whether property held by a nonresident through a…more

Estate Tax, Foreign Corporations, Income Taxes, Limited Liability Companies, Property Tax

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San Francisco Gross Receipts Tax – Frequently Asked Questions from the Real Estate Industry

The extended due date to file 2015 San Francisco Gross Receipt Tax (“GRT”) returns is April 29, 2016. In anticipation of preparing these returns, below are frequently asked questions (“FAQ”) posed by commercial real estate…more

Acquisitions, Commercial Real Estate Contracts, Commercial Real Estate Market, Gross Receipts Tax, Landlords

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GSA May Abolish the Price Reduction Clause

On March 4, 2015, the U.S. General Services Administration (GSA) issued a proposed rule that could abolish the long-standing price reduction clause (PRC) from the GSA Schedule program. GSA is proposing to eliminate the clause…more

Federal Contractors, GSA, Price Reduction Clause

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The Case of Prince, a Dancing Baby and the DMCA Takedown Notice

In 2007, Stephanie Lenz posted a 29-second video to YouTube of her baby dancing in the kitchen with Prince’s “Let’s Go Crazy” playing in the background. Claiming use of their song amounted to copyright infringement, Universal…more

Copyright, Copyright Infringement, Copyright Litigation, Digital Media, DMCA

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Commonality and Cohesiveness Lacking for Class Contamination Claims

On May 20, 2016, the U.S. Court of Appeals for the Eighth Circuit, in Ebert, et al., v. General Mills, Inc., reversed the federal district court’s decision to grant class certification in an environmental contamination lawsuit…more

CERCLA, Class Action, Class Certification, RCRA, Rule 23

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New York Bankruptcy Court Authorizes Rejection of Midstream Contracts

Bad news for midstream counterparties of bankrupt oil & gas producers: you may not be able to rely (as much as you might have expected) on covenants “running with the land” to save your contracts from rejection in…more

Commercial Bankruptcy, Covenants that Run With the Land, Executory Contracts, Midstream Contracts, Oil & Gas

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Periscope, Meerkat, HBO and the Live-Stream Dilemma

With live-streaming apps Periscope and Meerkat becoming increasingly popular, the introduction of a “live” element in the social media game is creating unique business and legal concerns. While most of the videos streamed on…more

Cable Television Providers, Copyright Infringement, DMCA, HBO, Live Streaming

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U.S. Government Begins First Ever Bitcoin Auction

As reported in our earlier post, the U.S. Government has begun its first ever auction of Bitcoins. The Bitcoins to be auctioned were seized in connection with the shutdown of the Silk Road - the "dark net" site that served as a…more

Auction, Bitcoin, Silk Road, US Marshals Service

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Meeting New OTC Swap Reconciliation Rules May Require Better Technology and Processes

Although reconciliation of the key terms has been a best practice for over-the-counter derivative trades for some time (particularly with collateralised trades), the scale of the reconciliation exercise imposed by forthcoming…more

CFTC, Data Protection, Derivatives, Due Diligence, EU

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Four Things You Should Know About New York's Recent Advisory Opinion on the Taxation of SaaS

On May 15, 2015, the New York Department of Taxation and Finance determined in Advisory Opinion TSB-A-15(2)S that the sale of certain cloud computing services were not subject to New York State sales and use tax. The Advisory…more

Advisory Opinions, Cloud Computing, SAAS, Sales & Use Tax

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Transportation Finance Digest: Volume 1

In This Issue: - Introduction - All Hat And No Chattel: Life After Cape Town - Q&A - The Future Of Eca Financing - Deal Of The Year - An Innovative Engine Re-Securitization - Pillsbury Case…more

Aircraft Sales, Aviation Contracts, Aviation Industry

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California’s New LLC Law: Next Steps for California LLCs

On January 1, 2014, California’s Beverly-Killea Limited Liability Company Act (Old Act) was superseded by the California Revised Uniform Limited Liability Company Act (New Act). The New Act includes a number of substantive…more

Compliance, Corporate Governance, LLC, Operating Agreements, RULLCA

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100 Percent Exclusion for Qualified Small Business Stock Finally Made Permanent

Among the many “tax extenders” in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act, Division Q of the Consolidated Appropriations Act, 2016, P.L. 114-113, enacted December 18, 2015) is a permanent extension of the…more

Exclusions, Income Taxes, Protecting Americans from Tax Hikes (PATH) Act, Qualified Small Business Stock, Tax Extenders

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Tobacco Advertising Q&A

While it has been decades since Congress banned cigarette ads from the airwaves, broadcasters continue to ask for advice on whether they may air certain types of tobacco-related advertisements. In fact, questions in this area of…more

Advertising, DOJ, FCC

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New Nevada Employment Law Developments Affect Social Media, Overtime

There have been several notable and recent developments in Nevada employment law both through enacted legislation and advisory opinions issued by the Nevada Labor Commissioner. Specifically, the legislature has passed a law…more

Employee Rights, New Legislation, Social Media Policy, Unpaid Overtime

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Catching Up with Winding Down: The Status of California Redevelopment Successor Agencies

Successor agencies to California’s dissolved Redevelopment Agencies (“RDAs”) continue to wind down the operations of the former RDAs under the supervision of oversight boards pursuant to Assembly Bill X1 26 (“AB 26”) as modified…more

Dissolution, Funding, Payment Schedules, Successor Agencies

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Perspectives - Fall 2012 Volume 3, Edition 2: An Executive Compensation, Benefits & Human Resources Law Update

In this Issue: - Don’t “Moench”ion It: Supreme Court Rejects Presumption of Prudence for ESOP Fiduciaries - Avoiding Claims of Excessive Fund Fees - Risk of ERISA Class Actions Can Be Reduced by Use of Plan…more

Arbitration Agreements, Class Action, Class Action Arbitration Waivers, ERISA, ESOP

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California Supreme Court: Gentry is Gone. PAGA Lives On.

Compelled by U.S. Supreme Court precedent advancing arbitration as a method of dispute resolution, the California Supreme Court in Iskanian v. CLS Transportation Los Angeles, LLC (No. S20432, June 23, 2014) held that its…more

Arbitration, Class Action, Class Action Arbitration Waivers, CLS Transportation, Employer Liability Issues

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FCC Enforcement Monitor ~ April 2016

Pillsbury’s communications lawyers have published FCC Enforcement Monitor monthly since 1999 to inform our clients of notable FCC enforcement actions against FCC license holders and others. This month’s issue includes: -…more

FCC, Inspections, Licensing Rules, Notice of Apparent Liability (NAL), Radio Stations

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PTAB Refuses to Honor “No-Challenge” Clauses

Thankfully, that patent case you litigated a few years back is long gone in the rear-view mirror. As the plaintiff, you received a nice lump sum payment and a going forward royalty. Even better, the defendant agreed to never…more

Corporate Counsel, Estoppel, Inter Partes Review Proceedings, Oracle, Patent Infringement

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US Terminates Arms Embargo Policy for Vietnam

On May 23, 2016, during President Obama’s visit to Ho Chi Minh City, the United States announced the termination its long-standing arms embargo policy for Vietnam. Exports of defense articles and defense services to Vietnam will…more

Arms Embargo, DDTC, ITAR, Trans-Pacific Partnership

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Redskins Ruling is Consistent with TTAB Precedent

In Blackhorse v. Pro-Football Inc., the U.S. Patent and Trademark Office once again canceled various registrations for trademarks used by the Washington Redskins football team as being disparaging to Native Americans. While this…more

Blackhorse v Pro-Football, Disparagement, Football, Lanham Act, Native American Issues

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Ninth Circuit Opens the Door to Relaxing Decades-Old Law Restricting Supplier-Paid Advertising in Retail Establishments

In a decision released on January 7, 2016, Retail Digital Network LLC v. Jacob Appelsmith, the U. S. Court of Appeals for the Ninth Circuit overturned 29-year-old precedent set in Actmedia Inc. v. Stroh, which held that those…more

Advertising, Commercial Speech, First Amendment, Free Speech, Manufacturers

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Free Speech Protection for Facebook "Likes" by Public Employees

Last week, in Bland v. Roberts, the U.S. Court of Appeals for the Fourth Circuit handed a constitutional victory to Facebook and two plaintiffs who lost their jobs after displaying online support for the incumbent’s opponent in…more

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New York Court of Appeals Gives Global Banks Big Win on “Separate Entity” Issue

In Motorola Credit Corp. v. Standard Chartered Bank, 2014 N.Y. Slip Op. 07199, 2014 WL 5368774 (Oct. 23, 2014) (“Motorola”), the highest New York state court ended five years of uncertainty and for the first time expressly…more

Banks, Foreign Banks, Judgment Debtors, Separate Entity Rule

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Government Contractors Brace For Continuing Changes in Cybersecurity Regulations

The federal government has responded to recent data breaches by making cybersecurity a top priority, and it continues to consider and implement a number of regulations that affect government contractors. Over the past year…more

Cyber Incident Reporting, Cybersecurity, Data Breach, Defense Contracts, FISMA

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Nevada’s AG Reminds Retailers, Wholesalers and Suppliers: Comply with Alcohol Beverage Laws

On January 30, 2014 the State of Nevada Attorney General’s Office issued an open letter to all retailers, wholesalers and suppliers of alcohol beverages in Nevada reminding them of their legal obligation to comply with the…more

Retailers, Suppliers, Wholesale, Wine & Alcohol

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Proxy Season Brings a Third Wave of “Gotcha” Shareholder Litigation

Proxy season is upon us and the plaintiffs’ bar is demonstrating its resourcefulness by bringing a third wave of shareholder litigation. This new wave, which has not crested yet, consists of a return to derivative shareholder…more

Annual Meeting, Board of Directors, Derivative Suit, Executive Compensation, Exit Strategies

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Consumer Group Asks FTC to Adopt EU’s Right to be Forgotten

Last year we wrote about the EU’s adoption of an individual’s “right to be forgotten”, which gives Europeans the right to require search engines to remove information about them from search results for their own names, if the…more

Child Pornography, Compliance, Consumer Watchdog, FTC, Google

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Addressing Cyber Attacks and Data Breaches in Supplier Contracts - Part 2: How are Limits of Liability Evolving, with Respect to the Issue of Data Breaches?

Ten years ago, most "buyers/customers" expected their suppliers to absorb unlimited contractual liability if the supplier was responsible for a breach affecting the customer's data. Today, while customers may continue to insist…more

Commercial Insurance Policies, Contract Negotiations, Cyber Attacks, Data Breach, Suppliers

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The Atypical Creditor: How EU Bail-In Provisions Impact Borrowers

On January 1, 2016, the European Union’s “bail-in” provisions went into effect. The bail-in provisions, authorized under the Bank Recovery and Resolution Directive (BRRD) and implemented by the Single Resolution Mechanism (SRM),…more

Bail-In Provisions, Banking Sector, Borrowers, BRRD, Creditors

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Riley and the Third-party Doctrine

On June 25, 2014, the U.S. Supreme Court issued one groundbreaking opinion in two cases regarding cellphone searches incident to arrest. In a unanimous opinion, the court held that under the Fourth Amendment, police must obtain …more

Cell Phones, Data Collection, Fourth Amendment, NSA, Personally Identifiable Information

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Blockchain Basics: A Primer - Blockchain, the technology underlying the cryptocurrency Bitcoin, is poised to revolutionize how all commercial transactions are conducted

You have probably heard of Bitcoin, a peer-to-peer, non-governmental currency. Bitcoin is the first money that is its own payment system. That is, no bank, money transmitter or intermediary of any kind is required to clear and…more

Bitcoin, Block Chain, Corporate Sales Transactions, Digital Assets, Financial Sector

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Proposed Changes to GAO Bid Protest Rules: Greater Formality, Overall Familiarity

On April 15, 2016, the Government Accountability Office (GAO) issued a proposed rule in the Federal Register that would amend its current bid protest regulations, codified at 4 C.F.R. Part 21.1 The proposed rule adds a degree of…more

Bid Protests, Electronic Filing, Federal Contractors, Filing Fees, GAO

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DC Circuit Upholds FEC’s Limited Disclosure Rule for Corporations and Labor Unions

On January 21, 2016, the United States Court of Appeals for the District of Columbia Circuit upheld the Federal Election Commission’s (FEC) rule requiring corporations and labor organizations to disclose on an electioneering…more

Campaign Contributions, Citizens United v Federal Election Commission, Disclosure Requirements, Federal Election Commission (FEC), Political Advertising

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PTAB Refuses to Honor “No-Challenge” Clauses

Thankfully, that patent case you litigated a few years back is long gone in the rear-view mirror. As the plaintiff, you received a nice lump sum payment and a going forward royalty. Even better, the defendant agreed to never…more

Corporate Counsel, Estoppel, Inter Partes Review Proceedings, Oracle, Patent Infringement

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Don’t Get Caught with your Transition Services Down (part 2 of 2)

In the first installment of this post, I posited that one factor contributing to disappointing results following a merger or acquisition is the flawed perception that transition services are not that important. I noted that this…more

Acquisitions, Mergers, Strategic Planning

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Recent Changes to New York Estate and Income Tax

On March 31, 2014, the New York State legislature passed and Gov. Andrew Cuomo signed into law the New York State 2014-2015 Budget Bill (the “New Law”), which contains a number of revisions to the New York State estate tax law…more

Estate Tax, Income Taxes, State Taxes, Tax Reform

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Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel…more

CFTC, Commodities Exchange Act, Dodd-Frank, High Frequency Trading, SEC

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HSR Thresholds Will Increase for 2016 Transactions

On February 25, 2016, revised thresholds for the Hart-Scott-Rodino Act (HSR) will take effect. The thresholds determine whether parties involved in proposed mergers, consolidations, or other acquisitions of voting securities,…more

DOJ, FTC, Hart-Scott-Rodino Act, Reporting Requirements, The Clayton Act

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Beware of Violating Patient Privacy Laws in Bankruptcy Claim Filings

Recent court filings highlight the need for health care providers to protect patient privacy by implementing specific procedures when filing claims in bankruptcy cases of their patients, as a matter of federal bankruptcy and…more

Commercial Bankruptcy, Contempt, Damages, HIPAA, Motion for Sanctions

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HSR Thresholds Will Increase for 2016 Transactions

On February 25, 2016, revised thresholds for the Hart-Scott-Rodino Act (HSR) will take effect. The thresholds determine whether parties involved in proposed mergers, consolidations, or other acquisitions of voting securities,…more

DOJ, FTC, Hart-Scott-Rodino Act, Reporting Requirements, The Clayton Act

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DOJ’s New White-Collar Policy Directs Prosecutors to Focus on Individual Accountability

On September 9, 2015, Deputy Attorney General Sally Quillian Yates introduced a new policy aimed at aggressively prosecuting individuals for white-collar crimes. A product of a DOJ working group that started under former…more

Corporate Investigations, Criminal Investigations, Criminal Prosecution, DOJ, Enforcement Actions

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You've been fired!

It isn't often that a supplier "fires" its customer, but it's not unknown. I have worked with two clients recently whose suppliers have given notice of termination without cause. How can you avoid or, if it does happen,…more

Suppliers, Termination

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Supreme Court Ruling in Bellingham Offers Comfort but Little Clarity

A unanimous Supreme Court, in Executive Benefits Ins. Agency, Inc. v. Arkinson (In re Bellingham Ins. Agency, Inc.), 573 U.S. ___ (2014), confirmed a bankruptcy court’s power to submit proposed findings of fact and conclusions…more

Article III, Chapter 7, Commercial Bankruptcy, Executive Benefits Insurance Agency, Executive Benefits Insurance Agency v. Arkison

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Trade Secrets Claims Reach Federal Court: New Law Changes Jurisdiction, Remedies and Duties

Until May 12, 2016, trade secret law was the only area of intellectual property law left largely to state courts and state law. But no longer. On May 12, President Obama signed the Defend Trade Secrets Act of 2016, Pub. L. No…more

Asset Seizure, Confidentiality Agreements, Defend Trade Secrets Act (DTSA), Employment Contract, Ex Parte

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D.C. Circuit Upholds 44-Year-Old Ban: The answer is still “no” for individual federal contractors wishing to contribute to federal candidates and parties

On July 7, 2015, in Wagner v. Federal Election Commission, the U.S. Court of Appeals for the District of Columbia Circuit upheld the ban on individual federal contractor contributions to federal candidates and political parties…more

Equal Protection, Federal Contractors, Federal Election Commission (FEC), First Amendment, Pay-To-Play

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Managing Ageing Fleets

Manufacturers design modern aircraft with a prescribed lifespan, or ‘design life’ of 25 years. The lifespan includes a specified number of flight hours and flight cycles, which allows the aircraft OEM, owner and operator to…more

Aircraft, Manufacturers, Operation & Maintenance

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Congress Raises the Stakes for Theft of Trade Secrets with Passage of Two New Laws

The old adage that crime does not pay rings particularly true in the aftermath of two pieces of recent legislation aimed at raising the penalties for trade secret theft: the Theft of Trade Secrets Clarification Act and the…more

Aleynikov, Economic Espionage Act, Misappropriation, Penalties, Theft of Trade Secrets Clarification Act

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Five Facts about the Proposed UK Diverted Profits Tax

The UK government has proposed its "diverted profits tax" in order "to counteract contrived arrangements used by large groups (typically multinational enterprises) that result in the erosion of the UK tax base." There follows a…more

Diverted Profits Tax, Multinationals, UK

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“Reverse CEQA” Reversed: California Supreme Court Rejects CEQA Analysis of Impacts of the Environment on the Project

In California Building Industry Association v. Bay Area Air Quality Management District (December 17, 2015) (Case No. S213478) (CBIA v. BAAQMD), the California Supreme Court rejected a requirement for so-called “reverse CEQA”…more

Bay Area Air Quality Management District, CA Supreme Court, California Building Industry Association (CBIA), CEQA, Contamination

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Countdown to Compliance: Final Text for EU General Data Protection Regulation Published

The final text of the significant new EU General Data Protection Regulation (GDPR) has now been published (4 May 2016) in the Official Journal of the European Union. This means the clock is now ticking for the sweeping new data…more

Corporate Counsel, Data Protection, EU, General Data Protection Regulation (GDPR), International Data Transfers

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When Attorneys General Attack: Cybersecurity Investigations and Related Insurance Coverage Issues

Are criminal cyberattacks increasing in sophistication and frequency? Yes. Is every company, in every industry, that collects or stores sensitive customer, employee, or business data vulnerable to cyberattacks?…more

Attorney Generals, Criminal Investigations, Cyber Attacks, Cyber Insurance, Cybersecurity

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Federal Circuit’s Split Decision on Software Patents in CLS Bank Satisfied No One and Confused All

Section 101 of the patent statute lists the categories of subject matter eligible for patent protection as including “any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement…more

CLS Bank, CLS Bank v Alice Corp, Patent-Eligible Subject Matter, Patents, SCOTUS

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GSA Issues Notice Concerning Trade Agreements Act and “Made in America” Compliance

On May 5, 2016—without advance warning—thousands of U.S. General Services Administration (GSA) Multiple Award Schedule (MAS) contract holders received a notice requiring them to verify—within one week—the country of origin (COO)…more

Country of Origin, Federal Acquisition Regulations (FAR), Federal Contractors, GSA, Made in the USA

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New York Creates Rocket-Docket for Commercial Disputes—But Accelerated Adjudication Comes With Trade-Offs

As of June 2, the Commercial Division of the New York Supreme Court will allow for the accelerated adjudication of commercial disputes. Rule 9 of Section 202.70(g) of the Uniform Rules for the Supreme and County Courts takes…more

Contract Disputes, Discovery, Expedited Discovery

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California AG Issues New Privacy Policy and “Do Not Track” Compliance Guidelines, Announces Proactive Enforcement

The California Attorney General recently released a series of guidelines to assist with compliance with the California Online Privacy Protection Act of 2003 (CalOPPA), which was amended to require new data collection and Do Not…more

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U.S. Government Shutdown: Will Performance of Private Contracts Be Excused?

With Congress unable to reach an agreement on a continuing resolution, the federal government shut down all “non-essential” services on October 1, 2013. The shutdown will remain in effect until Congress passes appropriations…more

Breach of Contract, Force Majeure Clause, Government Shutdown, Specific Performance

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Prometheus Court Vacates FCC’s JSA Ban; Asks FCC for New Ownership Rules by Year-End

The U.S. Court of Appeals for the Third Circuit today issued a decision vacating the FCC rule effectively banning television Joint Sales Agreements (“JSAs”) and threatened to throw out all of the FCC’s remaining broadcast…more

Broadcasting, FCC, NPRM, Telecommunications Act

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FCC Takes Next Step to Move Public Files Out of the Main Studio

The FCC released the tentative agenda for its May 25 Open Meeting today, and topping the agenda is an item that could lift a burden that has been on the shoulders of commercial broadcasters for half a century. The FCC will vote…more

Broadcasting, Data Retention, FCC, NPRM, Personally Identifiable Information

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Raging Bull Heiress Knocks Out MGM’s Laches Defense

In Petrella v. Metro-Goldwyn-Mayer, Inc., Supreme Court holds that laches cannot bar claims for damages for copyright infringement brought during the 3-year limitations period. On May 19, 2014, in a case concerning the…more

Affirmative Defenses, Copyright, Copyright Infringement, Laches, MGM

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A New Age of Transparency: U.S. Announces

On May 11, 2016, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, published its final rule addressing Customer Due Diligence Requirements for Financial Institutions (CDD Rule)…more

Banks, Customer Due Diligence (CDD), Due Diligence, Financial Institutions, FinCEN

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The U.S. Supreme Court Holds EPA Must Consider Costs in Deciding to Regulate Power Plants

The U.S. Supreme Court’s June 29th decision in Michigan v. EPA, taken together with another significant CAA opinion from last term, Utility Air Regulatory Group v. EPA, demonstrates the Court’s proclivity for subjecting agency…more

Chevron Deference, Chevron v NRDC, Clean Air Act, Cost-Benefit Analysis, Energy Sector

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Trends in Single-Family Housing

Rising home values in many areas of the country and improved economic data have buoyed hopes that the recession may be behind us, but no one expects an immediate return of either pre-2007 home value appreciation or the loose…more

Foreclosure, Investors, Mortgage Loan Servicing Standards, Mortgages, REO Portfolios

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Superstorm Sandy and Con Edison’s Power Shutdown: Lessons from Johnson Gallagher

In the wake of Superstorm Sandy, property insurers have repeatedly denied coverage for business owners in lower Manhattan – arguing that ConEd intentionally cut off power to its networks and that flooding damaged ConEd’s…more

Hurricane Sandy, Property Damage, Property Insurance, Utilities Sector

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Recent Changes to New York Estate and Income Tax

On March 31, 2014, the New York State legislature passed and Gov. Andrew Cuomo signed into law the New York State 2014-2015 Budget Bill (the “New Law”), which contains a number of revisions to the New York State estate tax law…more

Estate Tax, Income Taxes, State Taxes, Tax Reform

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Supreme Court to Securities Issuers: Beware What You Omit When Stating Your Opinions

Deciding this Term’s big securities case, a unanimous Supreme Court held on March 24 that a statement of opinion does not become actionable under the “untrue statement of material fact” clause of section 11 of the Securities…more

Material Misstatements, Omnicare, Omnicare v Laborers District Council, Public Offerings, Registration Statement

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New FCPA Self-Reporting Pilot Program Formalizes Rewards but Relies on Discretionary Implementation

On April 5, 2016, the Department of Justice unveiled a one-year pilot program designed to encourage companies to self-report violations of the Foreign Corrupt Practices Act (the FCPA). Built upon the Department’s September 9,…more

Bribery, Compliance, Cooperation, Corporate Misconduct, Criminal Prosecution

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Labeling and Pedigree Requirements of the Drug Supply Chain Security Act

Counterfeit and adulterated prescription drugs in the supply distribution chain pose a significant risk to patient safety. On November 27, 2013, President Obama enacted the Drug Supply Chain Security Act (DSCSA), which amends…more

Drug Distribution, DSCSA, FDA, Labeling, Pharmaceutical Industry

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Doing Business in the United States

In This Book: - Choice Of A Business Entity - Introduction To Federal Securities Laws - From Let’s Go Shopping To Closing: M&A Process In The United States - Employment Considerations - Equity…more

Business Formation, Choice of Entity, Commercial Real Estate Market, Corporate Taxes, Dispute Resolution

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Maryland Expands Recordation and Transfer Tax Exemption to Include LLC Transactions

Effective July 1, 2013, Maryland’s recordation and transfer tax exemption for transfers of real property between related entities will be available to limited liability companies. The exemption, previously applicable only to…more

LLC, Recordation, Tax Exemptions, Transfer Taxes

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Bitcoin Game Changer?

Former Goldman Sachs, Morgan Stanley, BNP Paribas and Societe Generale bankers have announced a new futures and options derivatives-trading platform for bitcoin. The derivatives, tied to the price of bitcoin, will enable…more

Banks, Bitcoin, BNP Paribas, Derivatives, Digital Currency

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Oil and Water: Proposed Redefinition of Waters of the U.S. Has Significant Implications for Domestic Operations

The Environmental Protection Agency (EPA) and the U.S. Army Corps of Engineers (ACOE) have announced a new Nov. 14, 2014, deadline to submit comments to its much-debated redefinition of the term, “Waters of the United States,”…more

Environmental Policies, EPA, Jurisdiction, US Army Corps of Engineers, Water

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Protecting Fashion through Copyrights: The Supreme Court Will Decide Whether Cheer Uniform Designs Are Protectable

Last week, the U.S. Supreme Court announced that it will address the issue whether apparel can be protected by copyright law—a question described by the petitioners in the case as “the single most vexing, unresolved question in…more

Cheerleaders, Copyright, Copyright Infringement, Fashion Design, SCOTUS

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NTIA Rulemaking Seeks Comments on Government Role in IoT

The National Telecommunications and Information Administration (NTIA), part of the Department of Commerce, is seeking public comment on the benefits, challenges and potential roles for the government in fostering the advancement…more

Internet of Things, NTIA, Public Comment, U.S. Commerce Department

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First Floods of 2016: Insurance Recovery Tips for Midwestern Businesses

The beginning of 2016 brought floods to the Midwest—and, tragically, loss of life and extensive property damage. With the floodwaters now receding and cleanup underway, affected businesses should consider obtaining insurance…more

FEMA, Flood Insurance, Flooding, Notice Requirements, Proof of Loss

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New Nevada Employment Law Developments Affect Social Media, Overtime

There have been several notable and recent developments in Nevada employment law both through enacted legislation and advisory opinions issued by the Nevada Labor Commissioner. Specifically, the legislature has passed a law…more

Employee Rights, New Legislation, Social Media Policy, Unpaid Overtime

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Awardee Protests: A New Horizon? In departure from GAO precedents, Court of Federal Claims finds awardee under multiple-award contract has standing to protest award of an additional contract

The bid protest long has been the province of the disappointed bidder/offeror—the government contractor that competed for the award of a federal contract and lost. A new decision from the United States Court of Federal Claims…more

Bid Protests, Federal Contractors, GAO, Standing

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India Takes the Next Step in Forming Its Nuclear Liability Framework

On February 4, 2016, India submitted to the International Atomic Energy Agency (IAEA) its Instrument of Ratification of the Convention on Supplementary Compensation for Nuclear Damage (CSC). Under the applicable rules, the CSC…more

IAEA, India, Nuclear Power

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Perspectives on Insurance Recovery

Welcome to the latest edition of Pillsbury’s Perspectives on Insurance Recovery. As this 2015 edition of Perspectives demonstrates, our team is working on the most challenging issues—from cyber-insurance and complex claims…more

Bad Faith, Certificate of Insurance, Commercial Property Owners, Construction Contracts, Cyber Insurance

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The Dos and Don’ts of an SEC Examination

The regulatory environment for SEC-registered advisers has become more complex as the result of a more aggressive and interconnected Securities and Exchange Commission (SEC). The connecting hub within the SEC is the Office of…more

Asset Management, Enforcement Actions, OCIE, Registered Investment Advisors, SEC

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The Second Circuit Sets New Hurdles for Insider Trading Convictions

Under the Second Circuit’s new ruling, prosecutors have two large hurdles they must clear to convict under securities laws. First, they must prove that a defendant knew that the source of inside information disclosed tips in…more

Illegal Tipping, Insider Trading, Material Nonpublic Information, Personal Benefit, Securities

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Gambling in the Workplace is Anything But a Safe Bet

So you didn’t win the Powerball jackpot?  There are still plenty of opportunities to win big in the next few weeks as Super Bowl L, March Madness, and even the Oscars quickly approach.  Many employees will likely be solicited by…more

Sports Gambling

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Restaurants and Food Retailers Are Now Required to Post Proposition 65 Warning Signs about BPA in All California Locations

As of May 11, 2016, all businesses that distribute or sell food and beverage products in California that potentially contain bisphenol A (BPA) are required to provide a warning under California’s Proposition 65 to consumers. BPA…more

BPA, OEHHA, Proposition 65, Restaurant Industry, Retailers

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Much Ado About Doing Nothing: DOJ’s Latest Memorandum Cracks Open Door to Marijuana Development on Tribal Lands

In December 2014, the Department of Justice (DOJ) released a policy statement regarding enforcement of marijuana laws in Indian Country. While some media have reported the Department’s statement as carte blanche for tribes to…more

DOJ, Marijuana, Marijuana Cultivation, Policy Statement, Tribal Lands

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SEC Proposes Pay Ratio Disclosures

The Securities and Exchange Commission (SEC) has proposed rules under the Dodd-Frank Act to require public companies to disclose the ratio of the annual total compensation of their principal executive officer (PEO) to the median…more

CEOs, Disclosure Requirements, Dodd-Frank, Pay Ratio, SEC

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Perspectives on Insurance Recovery

Welcome to the latest edition of Pillsbury’s Perspectives on Insurance Recovery. As this 2015 edition of Perspectives demonstrates, our team is working on the most challenging issues—from cyber-insurance and complex claims…more

Bad Faith, Certificate of Insurance, Commercial Property Owners, Construction Contracts, Cyber Insurance

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Blockchain Basics: A Primer - Blockchain, the technology underlying the cryptocurrency Bitcoin, is poised to revolutionize how all commercial transactions are conducted

You have probably heard of Bitcoin, a peer-to-peer, non-governmental currency. Bitcoin is the first money that is its own payment system. That is, no bank, money transmitter or intermediary of any kind is required to clear and…more

Bitcoin, Block Chain, Corporate Sales Transactions, Digital Assets, Financial Sector

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New Amendments to UCC Article 9 Now Effective in Most Jurisdictions

On July 1, 2013, amendments to Article 9 of the Uniform Commercial Code, which governs using personal property as collateral, became effective in most jurisdictions. The changes to Article 9 a ect both existing and future…more

Article 9, Collateral, Debtors, Personal Property, Registration

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New York and English Courts Issue Similar Joint Memoranda on the Enforcement of Money Judgments with Dubai Courts

The March 23, 2015 Memorandum of Guidance issued jointly by the Dubai International Financial Centre Courts (DIFC Courts) and the U.S. District Court for the Southern District of New York (SDNY Court) follows the same pattern as…more

DIFC, Dispute Resolution, Dubai, Foreign Judgments, International Litigation

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Casinos Go Virtual

In late February 2013 the New Jersey Legislature passed legislation allowing on-line wagering, subject to certain limitations. This legislation was signed into law by Governor Chris Christie. Under the new law, licensed…more

Casinos, Chris Christie, Licenses, Online Gaming

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AAA Revises Construction Industry Arbitration Rules and Mediation Procedures

The American Arbitration Association (AAA) has revised its Construction Industry Arbitration Rules and Mediation Procedures (Rules), effective July 1, 2015. Although some changes are relatively modest, others expand the powers…more

American Arbitration Association, Arbitration, Arbitration Agreements, Case Management, Construction Contracts

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EPA Aircraft GHG Emissions Regulations Take Flight: Agency Announces Endangerment Finding for Aircraft Greenhouse Gas Emissions and Plans to Issue New Standards by 2018

After tackling greenhouse gas (GHG) emissions from passenger vehicles and power plants, the Environmental Protection Agency (EPA) on June 10 announced its latest regulatory initiative—a GHG emissions standard for aircraft…more

Aircraft, Clean Air Act, EPA, Federal Aviation Administration (FAA), Greenhouse Gas Emissions

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Second Circuit Develops “Primary Beneficiary” Test to Evaluate Unpaid Internships

On July 2, 2015, the U.S. Court of Appeals for the Second Circuit adopted a “primary beneficiary” test for evaluating whether unpaid interns are employees for purposes of the Fair Labor Standards Act (FLSA). Rejecting a…more

FLSA, Fox Searchlight Pictures, Internships, Misclassification, Unpaid Interns

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Understanding the New Texas “Open Carry” Gun Laws

Effective January 1, 2016, individuals with a license to carry will be authorized to carry a holstered handgun openly in public. Texas property owners must comply with specific requirements if they decide to prohibit guns on…more

Concealed Carry Permit, Concealed Weapons, Gun Laws, Leases, Popular

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FinCEN Targets “All Cash” Real Estate Deals in Manhattan and Miami

On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury (Treasury), as part of its continued efforts to combat money laundering, issued its first Geographic Targeting…more

Bank Secrecy Act, Cash Transactions, FinCEN, GTO, Real Estate Transactions

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The “Panama Papers” and the Secret World of Shell Corporations - Reducing Liability Exposure and Seeking Insurance Coverage

A leak of 11.5 million documents from a law firm in Panama may implicate politicians, criminals, and celebrities in sheltering of fortunes in offshore tax havens through the use of shell companies. Called the “Panama Papers,”…more

Corruption, Criminal Investigations, DOJ, FCPA, Indemnity Insurance

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New York Creates Rocket-Docket for Commercial Disputes—But Accelerated Adjudication Comes With Trade-Offs

As of June 2, the Commercial Division of the New York Supreme Court will allow for the accelerated adjudication of commercial disputes. Rule 9 of Section 202.70(g) of the Uniform Rules for the Supreme and County Courts takes…more

Contract Disputes, Discovery, Expedited Discovery

See All Updates »

The Dos and Don’ts of an SEC Examination

The regulatory environment for SEC-registered advisers has become more complex as the result of a more aggressive and interconnected Securities and Exchange Commission (SEC). The connecting hub within the SEC is the Office of…more

Asset Management, Enforcement Actions, OCIE, Registered Investment Advisors, SEC

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Cheeky Monkey: Wikipedia claims copyright comes down to the press of a button

In my childhood, come summer, the UK Parliament would go into recess, and because that seemed to signal the end of lots of newsworthy items—political scandals, Government and opposition taunting each other, etc.—the period…more

Copyright, Photographs, Wikimedia

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Update on Maryland Estate Tax

Maryland Governor Martin O’Malley has signed into law H.B. 739 (the “New Law”), which contains revisions to the Maryland estate tax law. Specifically, the New Law gradually increases the Maryland estate tax exemption amount over…more

Estate Planning, Estate Tax, State Taxes, Tax Reform

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Update on Maryland Estate Tax

Maryland Governor Martin O’Malley has signed into law H.B. 739 (the “New Law”), which contains revisions to the Maryland estate tax law. Specifically, the New Law gradually increases the Maryland estate tax exemption amount over…more

Estate Planning, Estate Tax, State Taxes, Tax Reform

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Doing Business in the United States

In This Book: - Choice Of A Business Entity - Introduction To Federal Securities Laws - From Let’s Go Shopping To Closing: M&A Process In The United States - Employment Considerations - Equity…more

Business Formation, Choice of Entity, Commercial Real Estate Market, Corporate Taxes, Dispute Resolution

See All Updates »

When Attorneys General Attack: Cybersecurity Investigations and Related Insurance Coverage Issues

Are criminal cyberattacks increasing in sophistication and frequency? Yes. Is every company, in every industry, that collects or stores sensitive customer, employee, or business data vulnerable to cyberattacks?…more

Attorney Generals, Criminal Investigations, Cyber Attacks, Cyber Insurance, Cybersecurity

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Trade Secrets Claims Reach Federal Court: New Law Changes Jurisdiction, Remedies and Duties

Until May 12, 2016, trade secret law was the only area of intellectual property law left largely to state courts and state law. But no longer. On May 12, President Obama signed the Defend Trade Secrets Act of 2016, Pub. L. No…more

Asset Seizure, Confidentiality Agreements, Defend Trade Secrets Act (DTSA), Employment Contract, Ex Parte

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Public Hospital Bankruptcy Under Chapter 9: A Success Story and a Powerful Tool

To the extent authorized by a State, Chapter 9 of the Bankruptcy Code allows municipalities (defined as a “political subdivision or public agency or instrumentality”) of that State – including public hospitals – to reorganize…more

Absolute Priority Rule, Bankruptcy Code, Chapter 9, Commercial Bankruptcy, Hospitals

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New Legislation Threatens to Further Erode Market Share of Non-Trade Union Contractors in California

In January 2016, two new laws go into effect that will change the face of various public and private construction projects in California. These new rules represent the latest in an ongoing effort by the State Building and…more

Construction Contracts, Construction Industry, Design-Build, Hospitals, Prevailing Wages

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New FCPA Self-Reporting Pilot Program Formalizes Rewards but Relies on Discretionary Implementation

On April 5, 2016, the Department of Justice unveiled a one-year pilot program designed to encourage companies to self-report violations of the Foreign Corrupt Practices Act (the FCPA). Built upon the Department’s September 9,…more

Bribery, Compliance, Cooperation, Corporate Misconduct, Criminal Prosecution

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Risky Business: EPA Plans Enhanced Enforcement Focus on Chemical Safety

EPA has made reducing the risk of accidental releases of hazardous chemicals at industrial and chemical facilities one of its top enforcement priorities for 2017 to 2019. This increased enforcement focus on industrial accidents…more

Chemical Spills, Clean Air Act, Enforcement, EPA, Hazardous Substances

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Catching Up with Winding Down: The Status of California Redevelopment Successor Agencies

Successor agencies to California’s dissolved Redevelopment Agencies (“RDAs”) continue to wind down the operations of the former RDAs under the supervision of oversight boards pursuant to Assembly Bill X1 26 (“AB 26”) as modified…more

Dissolution, Funding, Payment Schedules, Successor Agencies

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Executive Order Issued on Minimum Wage for Federal Contractors and Subcontractors

On February 12, 2014, President Obama issued an Executive Order to raise the minimum wage for Federal contractors and subcontractors under certain contracts, as he had foreshadowed in this year’s State of the Union. The…more

Executive Orders, Federal Contractors, Minimum Wage

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Transferring Customer Data in an Asset Sale

Be careful what you’ve promised your customers…or what has been promised about data you buy! In today’s world, consumer data is a huge asset for companies across all industries, in particular those in technology-focused…more

Business Assets, Chapter 11, Commercial Bankruptcy, Customer Lists, Data Use Policies

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New FCPA Self-Reporting Pilot Program Formalizes Rewards but Relies on Discretionary Implementation

On April 5, 2016, the Department of Justice unveiled a one-year pilot program designed to encourage companies to self-report violations of the Foreign Corrupt Practices Act (the FCPA). Built upon the Department’s September 9,…more

Bribery, Compliance, Cooperation, Corporate Misconduct, Criminal Prosecution

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Implications for the Power Sector of Recent Rulings by U.S. Supreme Court and FERC

One of the most important issues currently facing the power industry is the potential conflict between federal and state roles in power supply planning. Two recent developments at the federal level bear directly on this…more

Federal Power Act, FERC, Hughes v Talen Energy, Power Plants, Power Purchase Agreements

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A Lifelong Commitment: FDA Releases Postmarket Guidance on Cybersecurity Risk Management for Medical Device Manufacturers

On January 22, 2016, the Food and Drug Administration (FDA) issued draft guidance titled “Postmarket Management of Cybersecurity in Medical Devices,” setting forth proposed recommendations for the medical device industry as well…more

Cybersecurity, Draft Guidance, FDA, Information Sharing, Medical Devices

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70 Days and Counting: Clock Is Ticking to Claim Embedded Software Tax Exemption

The amount of non-taxable embedded software being taxed in California is a staggering number. While companies own assets with millions of dollars of embedded software, few companies are maximizing their property tax savings…more

Software, Tax Exemptions

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U.S. Repeals Longstanding Ban on Export of Crude Oil

Effective immediately and subject to limited restrictions, U.S. producers may begin exporting crude oil to overseas customers. On December 18, 2015, the President signed into law the massive Consolidated Appropriations Act…more

Consolidated Appropriations Act, Crude Oil, Exports, Natural Gas, Oil & Gas

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Running a Sweepstakes or Contest on Social Media?

If entry for the chance to win a prize requires participants to post content featuring your company’s products or services, the participants should be instructed to disclose that their posts are pursuant to a contest…more

Content Marketing, Contests & Promotions, Disclosure, Endorsements, Pinterest

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San Francisco Gross Receipts Tax – Frequently Asked Questions from the Real Estate Industry

The extended due date to file 2015 San Francisco Gross Receipt Tax (“GRT”) returns is April 29, 2016. In anticipation of preparing these returns, below are frequently asked questions (“FAQ”) posed by commercial real estate…more

Acquisitions, Commercial Real Estate Contracts, Commercial Real Estate Market, Gross Receipts Tax, Landlords

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Anti-Reliance Disclaimers in Delaware – Why Skillful Drafting Matters

In FdG, the Delaware Court of Chancery held that a Buyer’s fraud claim based on extra-contractual representations will not be barred unless the anti-reliance disclaimer is drafted as an unambiguous affirmative expression by the…more

Anti-Reliance Clauses, Disclaimers, Merger Agreements, Private Equity Firms, Representations and Warranties

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New York City Largely Bans Employers from Considering Consumer Credit History

On May 6, 2015, New York City Mayor Bill de Blasio signed into law a bill barring employers in New York City from discriminating against employees and applicants based on their consumer credit histories. The exceptions to this…more

Discrimination, Employee Credit Checks, Hiring & Firing, NYCHRL

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The Cape Town Convention in the UK: IDERA Guidance from the CAA

The UK Civil Aviation Authority (CAA) has now issued detailed guidance on the irrevocable de-registration and export request authorisation (IDERA) process which is available here. All forms referenced below are also available on…more

Aircraft, Cape Town Convention, Civil Aviation Authority (the CAA), New Guidance, UK

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Sun Capital Court Finds that Common Industry Practices Exposed PE Funds to Pension Plan Liabilities

A group of related private equity (“PE”) funds were found liable for a bankrupt portfolio company’s pension plan debts in the latest and most worrisome decision in the long-running Sun Capital Partners III, LP v. New England…more

Commercial Bankruptcy, Controlled Groups, ERISA, Joint and Several Liability, Multiemployer Plan

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Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel…more

CFTC, Commodities Exchange Act, Dodd-Frank, High Frequency Trading, SEC

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Negotiating Cybersecurity Contractual Protections for Retirement Plans

The ERISA Advisory Council1 recently announced that, as part of its goals for 2016, it will be focusing on cybersecurity issues affecting retirement plans and, in particular, the extent to which such issues relate to third-party…more

Cybersecurity, Data Protection, ERISA, Retirement Plan, Risk Allocation

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US Terminates Arms Embargo Policy for Vietnam

On May 23, 2016, during President Obama’s visit to Ho Chi Minh City, the United States announced the termination its long-standing arms embargo policy for Vietnam. Exports of defense articles and defense services to Vietnam will…more

Arms Embargo, DDTC, ITAR, Trans-Pacific Partnership

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Indian Regulator to Consider the Civil and Commercial Use of Drones

Last month, India’s civil aviation regulator, the Directorate General of Civil Aviation (DGCA), issued draft guidelines proposing a framework to regulate the civil and commercial use of unmanned aerial systems or drones…more

Commercial Use, Drones, India, Registration Requirement, Unmanned Aircraft Systems

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New York Revises “BitLicense” Regulations for Virtual Currency Businesses

Seven months after releasing its BitLicense proposal, the State of New York has published substantial revisions. Like the original version, the revised regulations apply more broadly than federal regulations and require many…more

BitLicense, Capitalization, Financial Reporting, Popular, Registration Requirement

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Antitrust “State Action” Exemption: North Carolina State Board of Dental Examiners v. Federal Trade Commission

On February 25, 2015, the U.S. Supreme Court issued its decision in North Carolina State Board of Dental Examiners v. Federal Trade Commission, holding that a regulatory board made up of market participants is exempt from…more

Antitrust Litigation, FTC, NC Board of Dental Examiners v FTC, SCOTUS, State Action Doctrine

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